Question

Part I Carl Redmon completed the following transactions during December: Dec 2 Invested $ \$ 25,000 $ to start a consulting practice titled Redmon Consulting. 2 Paid $ \$ 6,000 $ for a 2 -year insurance policy. 3 Paid cash for a computer, $ \$ 2,400 $. It is expected to remain in service for five years, and have a $ \$ 400 $ salvage value at the end of its useful life. 4 Purchased office furniture on account, $ \$ 4,500 $. The furniture should last for five years. 5 Purchased supplies on account, \$500. 9 Performed consulting service for a client on account, $ \$ 1,700 $. 12 Paid utility expense, $ \$ 200 $. 18 Performed service for a client and received cash of $ \$ 800 $. 22 Received $ \$ 1,200 $ in advance for client service to be performed evenly over the next 30 days. 22 Hired a secretary to be paid $ \$ 4,000 $ on the $ 20^{\text {th }} $ day of each month. The secretary begins work immediately. 26 Paid $ \$ 300 $ on account. 28 Collected $ \$ 600 $ on account. 30 The owner withdrew $ \$ 1,600 $ for personal use. 31 Paid monthly office rent, $ \$ 750 $. Required 1) Prepare journal entries for the above transactions in the journal of Redmon Consulting.

          Part I
Carl Redmon completed the following transactions during December:
Dec 2 Invested \( \$ 25,000 \) to start a consulting practice titled Redmon Consulting.
2 Paid \( \$ 6,000 \) for a 2 -year insurance policy.
3 Paid cash for a computer, \( \$ 2,400 \). It is expected to remain in service for five years, and have a \( \$ 400 \) salvage value at the end of its useful life.
4 Purchased office furniture on account, \( \$ 4,500 \). The furniture should last for five years.
5 Purchased supplies on account, \$500.
9 Performed consulting service for a client on account, \( \$ 1,700 \).
12 Paid utility expense, \( \$ 200 \).
18 Performed service for a client and received cash of \( \$ 800 \).
22 Received \( \$ 1,200 \) in advance for client service to be performed evenly over the next 30 days.
22 Hired a secretary to be paid \( \$ 4,000 \) on the \( 20^{\text {th }} \) day of each month. The secretary begins work immediately.
26 Paid \( \$ 300 \) on account.
28 Collected \( \$ 600 \) on account.
30 The owner withdrew \( \$ 1,600 \) for personal use.
31 Paid monthly office rent, \( \$ 750 \).
Required
1) Prepare journal entries for the above transactions in the journal of Redmon Consulting.

Part I
Carl Redmon completed the following transactions during December:
Dec 2 Invested $ 25,000 to start a consulting practice titled Redmon Consulting.
2 Paid $ 6,000 for a 2 -year insurance policy.
3 Paid cash for a computer, $ 2,400. It is expected to remain in service for five years, and have a $ 400 salvage value at the end of its useful life.
4 Purchased office furniture on account, $ 4,500. The furniture should last for five years.
5 Purchased supplies on account, $500.
9 Performed consulting service for a client on account, $ 1,700.
12 Paid utility expense, $ 200.
18 Performed service for a client and received cash of $ 800.
22 Received $ 1,200 in advance for client service to be performed evenly over the next 30 days.
22 Hired a secretary to be paid $ 4,000 on the 20^th day of each month. The secretary begins work immediately.
26 Paid $ 300 on account.
28 Collected $ 600 on account.
30 The owner withdrew $ 1,600 for personal use.
31 Paid monthly office rent, $ 750.
Required
1) Prepare journal entries for the above transactions in the journal of Redmon Consulting.

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